9,344 Shares in Flex LNG Ltd. (NYSE:FLNG) Acquired by M&T Bank Corp

M&T Bank Corp purchased a new position in shares of Flex LNG Ltd. (NYSE:FLNG) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 9,344 shares of the company’s stock, valued at approximately $215,000.

Several other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Flex LNG by 69.0% during the first quarter. GAMMA Investing LLC now owns 1,102 shares of the company’s stock worth $25,000 after purchasing an additional 450 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Flex LNG by 465.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,143 shares of the company’s stock worth $26,000 after purchasing an additional 941 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Flex LNG by 6.5% during the fourth quarter. MetLife Investment Management LLC now owns 18,956 shares of the company’s stock worth $435,000 after purchasing an additional 1,149 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Flex LNG by 7.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 27,152 shares of the company’s stock worth $624,000 after purchasing an additional 1,789 shares in the last quarter. Finally, Integrated Wealth Concepts LLC increased its position in shares of Flex LNG by 8.3% during the fourth quarter. Integrated Wealth Concepts LLC now owns 25,665 shares of the company’s stock worth $589,000 after purchasing an additional 1,965 shares in the last quarter.

Flex LNG Stock Up 2.9%

Shares of NYSE:FLNG opened at $23.10 on Friday. The company has a quick ratio of 2.74, a current ratio of 2.77 and a debt-to-equity ratio of 2.14. The business has a fifty day moving average of $23.55 and a two-hundred day moving average of $23.54. The stock has a market cap of $1.24 billion, a P/E ratio of 12.09 and a beta of 0.45. Flex LNG Ltd. has a 52-week low of $19.46 and a 52-week high of $27.77.

Flex LNG (NYSE:FLNG) last issued its earnings results on Wednesday, May 21st. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.04. The company had revenue of $88.40 million during the quarter, compared to analysts’ expectations of $87.70 million. Flex LNG had a return on equity of 14.83% and a net margin of 29.10%. On average, research analysts expect that Flex LNG Ltd. will post 1.9 earnings per share for the current year.

Flex LNG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 12.99%. The ex-dividend date was Friday, June 6th. Flex LNG’s payout ratio is currently 157.07%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Flex LNG from a “sell” rating to a “hold” rating in a research report on Saturday, June 28th.

Flex LNG Profile

FLEX LNG Ltd. engages in the seaborne transportation of liquefied natural gas (LPG) through the ownership and operation of LNG carriers. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in September 2006 and is headquartered in Hamilton, Bermuda.